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The Online Advisor

October 2004

What's New in Financial Strategies

Watch out for one more credit card scam

The scam artists are still at it. One of the latest scams plays on your willingness to assist those in law enforcement.

It works like this: You get a call from a would-be internal fraud investigator. The caller says something like this, "This is John Doe from the Security and Fraud Department at Visa. My badge number is 123456. Your credit card has been flagged for an unusual transaction. Did you purchase a computer service for $495 from a California-based company?"

When you say no, the caller will tell you that they will be issuing you a credit for the $495. "The credit will be sent to (and he reads your current address). Is that your correct address?"

The caller lets you know that Visa has been watching this particular company and if you have any further questions, you should call the customer service number on the back of your credit card and refer to control number XYZ123.

The caller then tells you he needs to verify that you have possession of your credit card. He says, "On the back of your card are seven digits, the first four are 1234 (the last four digits of your credit card number), and the next three are the ones that identify that you have your card in hand. Can you read me those three numbers?" When you read them he will say, "That is correct."

You have just given the caller the number he needs to make charges on your card. He did not ask you for your credit card number because he already had it before he called you.

The real Visa company will never ask you for information from your credit card; they already have all of it. Do not give card numbers, addresses, social security numbers, bank account numbers, passwords, etc., to anyone calling or e-mailing you unless you have initiated the contact.


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